American Express Bank Account - How to Get the Correct Amount of Payments

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1 Telegraphic Transfers (Personal) Product Disclosure Statement ISSUED: MARCH 2014

2 Contents Telegraphic Transfers 3 Value Date 3 Cancellation 3 Applying for an International Payments Account 3 Sending International Payments 4 Fees and Charges 4 Account and Beneficiary Details 4 Repeat Beneficiary Coding 4 Customer Service 4 Settlement Methods 5 Cut-Off Time 5 Confirmations 5 Significant Benefits 5 Significant Risks 5 Updates to this Product Disclosure Statement 5 Dispute Resolution 6 Privacy of your Personal Information 7 Our Commitment to your Privacy 7 Collection of Information 7 Use of Information 7 Information Quality and Security 7 When we may Disclose your Personal Information 7 You can Access your Personal Information 7 Terms and Conditions 8 1. Introduction 8 2. Fees & Charges 8 3. Internet Instructions 8 4. Delayed Payment 8 5. Direct Credit Settlement 8 6. Direct Debit Settlement 8 7. Membership Rewards Offer 9 8. Indemnity 9 9. Liability Limitation of Liability Set Off Compliance with Law General 10 2

3 Telegraphic Transfers A Telegraphic Transfer (TT) is an electronic message initiated by one financial institution directing another financial institution to make a payment on its behalf. The payment is routed to the beneficiary s financial institution using intermediary financial institution(s) and a message platform. One such platform is known as SWIFT (Society for Worldwide Interbank Financial Telecommunications). Most financial institutions have a unique Bank Identifier Code (BIC). The SWIFT participants exchange messages between themselves and due to the security built into the system - the receiving bank knows the message/instructions are authentic. The beneficiary financial institution will credit funds to the beneficiary account, dependent upon accuracy of payment details. Telegraphic Transfers are one of the quickest and most secure method of executing payments abroad. The beneficiary generally receives payment within hours after the transaction has been initiated; however this will depend on: + The currency being sent + Time zone differences + Local exchange regulations + Local settlement procedures + Bank and country to which the payment is being directed + Final destination point + The amount of the transaction American Express can send Telegraphic Transfers to most countries in the world in over 100 different currencies. Check with our International Payments Support team for countries to which payments can be sent. Value Date Every foreign exchange transaction specifies a date on which the exchange of currency will take place. This is known as the value date. The value date for most transactions is generally for spot value which is two banking days after the date the transaction is agreed, in order to recognise time delays inherent in payment processing and systems. Cancellation Once transmitted to the beneficiary financial institution and credited to an account, it is only possible to recall funds with the approval of the account holder. This process normally takes a minimum of one week and longer on occasions. If a customer wishes to cancel a Telegraphic Transfer transaction, a cancellation fee is applicable. In addition to American Express fees, there may be a charge made by the beneficiary s financial institution and/or any intermediary financial institution. In addition to these fees and charges, you may also have to pay an amount which represents the difference in funds credited back to our account if there is an adverse change in exchange rates between the time American Express processes the transaction and its cancellation. Dependent on exchange rate fluctuations, the amount refunded could be substantially different from the original amount of the transaction. Applying for an International Payments Account Please complete our online application form which is located on the American Express website to apply for an online account to send and receive funds.alternatively you can contact us on and one of our International Payments Support team will explain our product to you and make arrangements for you to complete our application form. Your application will be reviewed in terms of relevant identification checks and credit policies. You will be advised of the outcome of your application within 5 days. Our approval of your application will include confirmation of settlement method with you. Settlement of payments can be made by either Direct Debit or Direct Credit at our discretion. All international payment accounts are subject to the attached Terms and Conditions. Value today or value tomorrow transactions are only available by special arrangement. 3

4 Sending International Payments Once your international payments account has been approved, you may send Telegraphic Transfers up to your approved limit. Payment instructions may be sent to us using our online system, FX International Payments (FXIP). Please note that under Australian and US laws, we cannot send payments to certain Sanctioned countries or to individuals and businesses prohibited under Australian and US laws. Under certain US laws, funds forwarded to us for onward transmission to US Sanctioned countries, individuals or businesses may be retained by us pending an appropriate licence from the US government. Fees and Charges American Express levies the following fees and charges in respect of each Telegraphic Transfer: Fees (in AUD) + $0 for American Express Centurion TT sent and Platinum Charge Card Members in foreign currency + $10 for all other American Express Card Members + $0 for American Express Centurion TT received and Platinum Charge Card Members in foreign currency + $10 for all other American Express Card Members + $0 for American Express Centurion TT sent and Platinum Charge Card Members in AUD + $10 for all other American Express Card Members + $0 for American Express Centurion TT received and Platinum Charge Card Members in AUD + $10 for all other American Express Card Members Tracing a TT $55.00 Amending a TT $33.00 Cancelling a TT $33.00 Account and Beneficiary/Payee Details It is important to have accurate and complete details when sending a Telegraphic Transfer. Mandatory information that is required to be completed by the customer, via our online system includes: + Complete name of beneficfiary s/payee s financial institution - no abbreviations + Complete address of the financial institution branch where the account is maintained + SWIFT Code for the beneficiary s financial institution + Complete and accurate name of beneficiary + Beneficfiary s/payee s financial institution account number including any additional identifiers (eg IBAN for the European Union). Repeat Beneficiary Coding Once your international payments account has been approved, each customer s beneficiary/payee details are recorded in our processing system, ensuring accurate information is maintained. Customer Service Customer service issues for any Telegraphic Transfer are handled by our International Payments Support team. They will be able to answer any questions relating to Telegraphic Transfer issuance and procedures. International Payments Support team contact: Telephone personalfxip@aexp.com Many financial institutions overseas impose processing fees when handling Telegraphic Transfers. These fees are set by the processing institution and vary between institutions and countries. As a result, the amount of the payment actually received by the beneficiary may not necessarily be the same as that requested by the customer. 4

5 Settlement Methods Settlement in AUD is available via either: + A pre-authorised Direct Debit from the customer s nominated bank account (subject to our approval). + A Direct Credit to American Express bank account. You must pay us in full in cleared and transferable funds for the amount of any transaction, as well as our applicable service fees before we pay, transmit or exchange any funds for you. American Express does not accept cash or cheque payments for Direct Credit payments. Telephone & Internet Banking - BPAY 1. You must call your bank, credit union or building society to make this payment from your cheque or savings account. You may obtain more information at American Express FX International Payments biller code can be obtained by calling our International Payments Support team Each settlement method is subject to the Terms and Conditions at the back of our Product Disclosure Statement. Cut-Off Time Please note, while the beneficiary/payee generally receives payment within hours after the transaction has been initiated, the payment can take up to 72 hours in certain circumstances. Where an order relates to a time critical transaction, orders must be placed at least 3 business days prior to the date and time when payment is required in order for customers to be assured of their payment being received on time. Significant Benefits + Fast, efficient transfers throughout the world. + Able to transfer funds in up to 100 different currencies. + Competitive exchange rates. Significant Risks + Payments may be delayed or become lost if incomplete or inaccurate payment instructions are provided. + In the event of cancellation, any refund will be calculated at the current exchange rate on date of receiving the refund which may cause a foreign exchange gain or loss depending on the movements in exchange rates. + We use a range of correspondent financial institutions to enable payments to be effected. There is a risk that payments may be delayed by one or more of these institutions due to factors outside our control. + As the fees set by third party processing institutions vary, the amount of the payment actually received by the beneficiary may not necessarily be the same as requested. Updates to this Product Disclosure Statement American Express may change the information in this Product Disclosure Statement (PDS). Updates to this PDS will be posted at americanexpress.com.au/ip. If the new information is materially adverse to the information in this PDS, American Express will issue a supplementary or replacement PDS. You can request a paper copy of this information free of charge by contacting American Express on Confirmations Customers ordering via the internet receive an online transaction reference and confirmation posted to their secure inbox. 1 BPAY is registered to BPAY Pty Ltd (ABN ). 5

6 Dispute Resolution American Express is committed to customer satisfaction as part of its service philosophy. We have established internal procedures to resolve the complaints regarding our products. We are a member of an ASIC approved independent dispute resolution scheme. If you have a complaint about the service or products provided to you, please take the following steps; direct your complaint, at first instance, to the point of purchase or otherwise, contact American Express by telephone on If your complaint is not satisfactorily resolved within 20 business days, please address your complaint in writing to: The Complaints Manager Foreign Exchange Services American Express International, Inc. 12 Shelley Street GPO Box 1582 Sydney NSW 2001 Australia We make every endeavour to resolve the complaint in a prompt and fair manner. If however, you continue to remain dissatisfied with the decision, you may seek to have your complaint considered by an independent, external dispute resolution body - the Banking and Financial Services Ombudsman (BFSO), American Express International, Inc, is a member of this scheme. You may contact the BFSO by the following means: Mail Banking & Financial Services Ombudsman GPO Box 3 Melbourne VIC 3001 Australia Telephone Fax Internet 6

7 Privacy of your Personal Information Our Commitment to your Privacy American Express is proud of their reputation for, and commitment to, safeguarding information about their customers. The American Express Customer Privacy Principles have been in place for many years and provides a minimum standard which applies throughout American Express worldwide. In Australia, we adhere to the Australian Privacy Principles and the Privacy Act. A copy of our Privacy Policy Statement is located on our website at statement.pdf or may be obtained by calling us on Collection of Information American Express limits the collection of information about our customers to what we need to know to fulfil our legal and regulatory obligations, to provide customer services and to offer new products and services to our customers. Generally, we collect personal information directly from you, such as when you apply or request a product or service. Depending on the product, we may also collect personal information through third parties when you apply for a foreign exchange account. Use of Information We use your personal information for the purposes stated above. This includes using the information to establish and manage your account, provide requested services to you and to carry out transactions you wish to make. Where necessary we will also use your personal information to meet our legal obligations and to collect overdue payments. In addition, we may communicate our, a related company s or a third party s marketing offers to you - when making the offer we will let you know how you may stop receiving any further marketing offers. If you do not wish us to use your personal information for marketing purposes, please call us on Information Quality and Security We use available technology and well defined employee practices to ensure that customer personal information is processed promptly, accurately and completely. We use security techniques to protect our customer data and to limit access to that data. When we may Disclose your Personal Information There are limited situations where we may disclose personal information about you. This includes where we have contracted an external organisation to provide us with support services, to third parties to provide requested services to you, to comply with our legal obligations in connection with providing a foreign exchange account to you. We will obtain your authority on our application forms and in our product conditions to facilitate providing your personal information to third parties. You can Access your Personal Information We will take reasonable steps to make sure that the personal information we collect, use or disclose is accurate, complete and up-to-date. If your personal details change, such as your telephone number or billing address, please contact us so that we can continue to provide you with our products and services. Following a request, we will provide you with a copy of personal information which we hold about you. We will promptly acknowledge and investigate any complaints about the way we manage personal information. 7

8 Terms and Conditions 1. Introduction These Terms and Conditions (March 2014 edition) apply to all Telegraphic Transfer transactions carried out by American Express International, Inc. ( we, our or us ) at the request of the company which has completed the application form for foreign exchange services ( you, your ). By signing the application, you: (a) agree to be bound by these Terms and Conditions; (b) declare that you are a holder of a credit or charge card issued by American Express Australia Limited ( American Express Card Member ); and (c) acknowledge and agree that we may cancel your International Payments Account if you are no longer an American Express Card Member. 2. Fees and Charges You agree to pay all fees and charges in relation to processing a Telegraphic Transfer. These fees and charges include those disclosed in the product disclosure statement, but may also include fees and charges which a third party charges us for processing a Telegraphic Transfer on our behalf. You acknowledge that in some cases the third party may not charge us a fee, but will instead deduct this fee from the amount the beneficiary receives. We also reserve the right to suspend or cancel your international payments account immediately if: any outstanding amounts or fees and charges owing on any Telegraphic Transfer remain unpaid; or we have reasonable cause to believe that you will be unable to pay us any outstanding amounts or fees and charges owing on any Telegraphic Transfer.We will notify you if we exercise our right to suspend or cancel your international payments account. If you fail to pay us any fees and charges or any amount when due and payable we may terminate your FX International Payments facility immediately and without notice. 3. Internet Instructions You authorise us to rely upon and act on your behalf in accordance with any internet instructions, provided that: + the instructions are submitted to us using the Username and Password we have given to you; and + we reserve the right, at our discretion, to request additional information relating to any transaction or to decline to carry out any transaction, in which case we shall not be liable to you for the delay or non-completion of the transaction. We are not obliged to enter into any transactions with you. 4. Delayed Payment We are unable to guarantee receipt of funds by the recipient within the standard clearing process timeframe, as the transaction may be delayed by factors outside of our control, such as inaccurate payment instructions and/or delays by third party financial institutions. The standard timeframes are provided by way of indication only. You agree that we are not liable for any costs, losses or damages if a payment is delayed and we have acted on your instructions in good faith. 5. Direct Credit Settlement Unless we have approved you to settle through Direct Debit Settlement, you must pay us electronically in full in cleared and transferable funds for the amount of any transaction, as well as our applicable service fees on or before the Value Date. Payments will not be transferred until receipt of cleared funds. Customers may choose to utilise the following Direct Credit methods: + RTGS (real time gross settlement). If your payment is urgent, you can arrange an RTGS electronic funds transfer through your bank. If this is your chosen method please send a copy of the payment receipt to Standard/Overnight Direct Credit settlement. + BPAY 1, where payments can be sent up until 6pm. American Express does not accept cheque or cash payments for Direct Credit payments. If you fail to pay the required cleared funds on or before the Value Date, we reserve the right to either: + Cancel the transaction, in which case you are liable for all fees and charges incurred by us in relation to the cancelled transaction; or + Adjust the applicable exchange rate to accommodate a new Value Date for the transaction. 6. Direct Debit Settlement If we have approved you to settle through Direct Debit Settlement, following receipt of your instructions initiating the transaction, the standard clearing process may require up to four business days to elapse before your payment is completed. You are obliged to make sufficient cleared funds available to satisfy the transaction, including our fees and charges. Should any transaction be rejected due to your failure to do so, you are liable to pay us any fees and charges incurred as a result of the transaction, including any rejection fees charged by third party financial institutions. 8

9 7. Membership Rewards Offer Eligibility Only customers with a valid and eligible Australian American Express issued charge card or credit card are eligible for this offer. Enrolment in the Membership Rewards program is mandatory for this offer (an annual fee may apply) and is subject to the terms and conditions of the Membership Rewards program. For clarity, American Express Card Members enrolled in other loyalty programs in American Express are not eligible for this offer. Earn Rates You will earn Membership Rewards ( MR ) points in the ratio set out below for valid foreign currency Telegraphic Transfers subject to the limitations set out below. Points will be credited to your account 6 to 8 weeks after making an eligible international Telegraphic Transfer. Points are calculated on local currency equivalent. MR Earn Rate Centurion member AUD$15 = 1 MR point Platinum Charge Card Member AUD$20 = 1 MR point All other American Express AUD$25 = 1 MR point Card Members Limitations The offer is applicable on all transactions up to a maximum transaction amount of AU$250,000. A maximum of 10,000 points will be awarded on any one transaction. Points are calculated on local currency equivalent. Offer excludes Australian Dollar transactions. Terms and Conditions This offer is subject to the Terms and Conditions of the Membership Rewards program you are enrolled in. American Express may at any time terminate this offer. If and when this occurs customers will be notified prior to the termination of this offer and before any transactions are finalised. 8. Indemnity You agree to indemnify us and keep us indemnified against any claim, action, demand, loss, damage, cost, expense, or liability incurred by or threatened against us as a direct or indirect result of or in connection with any Telegraphic Transfer transaction, including without limitation, if we act or fail to act on any internet instruction whether or not such instruction is issued by you, except to the extent caused by our own negligent, reckless or willful conduct. 9. Liability You agree that if any Telegraphic Transfer transaction is rejected by the payee financial institution or if we cancel your transaction or account in accordance with these Terms and Conditions, you are liable to pay to us any amount then owing in relation to that transaction or account, including any outstanding fees and/or costs or expenses we incurred in terminating the transaction or cancelling your account. 10. Limitation of Liability You agree that we shall not be liable to you for: + any performance, delay or failure which is due to a cause beyond our reasonable control including, without limitation, delays in receipt of payment instructions and other details, delays in receipt of cleared funds, failure of any communications system or delays caused by a third party. We use funds transfer and draft issuance services of JP Morgan Chase Bank, Citibank N.A., American Express Bank, Westpac Banking Corporation, and other third party licensed banks, and shall not be liable for any failure or error in such services. + Any loss suffered as a result of a cancellation of your International Payments Account if you are no longer an American Express Card Member. + any amount in excess of AU$10,000. Other Considerations There may be tax implications associated with your participation in the Membership Rewards program. You are advised to check with your accountant or tax adviser for further information. 9

10 11. Set Off You agree that we or our related bodies corporate are entitled to set off and withhold any monies we or our related bodies corporate hold for you or owe you against any amounts you are obliged to pay us or our related bodies corporate under these Terms and Conditions or under any other agreement. You also agree that we are entitled to set off any advance part payment or other credit held on your behalf for any reason against any debt or amount you owe us, including amounts owed for any foreign exchange or money transfer transactions. We may exercise this right of set off in our complete discretion where the debt owed to us has been outstanding for more than 5 business days. If a set off is effected under this clause, we will inform you of the remaining balance(s) (if any) then owing on all of your account(s) held with us. 12. Compliance with Law You acknowledge that American Express is subject to various legal obligations (such as anti-money laundering and sanctions) in the markets in which it operates, and declare that your instructions will not breach any laws in Australia or any other country. American Express may delay, block or refuse to process any transaction without incurring any liability if we suspect that the transaction may breach any law in Australia or any other country. 13. General These Terms and Conditions are governed by the law of the state, territory or country where the application is signed. We can change these Terms and Conditions at any time. American Express may require additional financial or identity information whilst processing your application or reviewing it on an annual basis. Authority to American Express under the Privacy Act: The American Express Privacy Policy Statement sets out policies on how American Express collects, uses, shares and keeps your personal information. If you do not agree to our use of your personal information in this way, we may be unable to provide our products and services to you. The way we collect, use, share and keep your information is subject to the Privacy Act. Collection, Use and Disclosure To assess your application, and if it is approved, to establish and manage the Foreign Exchange Facility, American Express needs to collect, use and disclose your personal information. If you do not provide the information requested or give your agreement, American Express may decline your application. You agree that, subject to the Privacy Act, American Express and our agents may do the following: + Collect, use and disclose your Personal Information for purposes that include: + assessing your application and administrating and managing your Foreign Exchange Facility; + providing you with special offers or benefits and marketing our products and services; + planning, product development and research; + modelling and assessing risks and preventing or investigating fraud and crime; + complying with legislative and regulatory requirements, including for identity verification purposes; and + any other purpose you have consented to. 10

11 + For the purposes set out above, we may share and exchange your personal information with: + any person whose details you have given us; + regulatory authorities, courts, and governmental agencies to comply with legal orders, legal or regulatory requirements, and government requests; and + any organisation whose name, logo or trademark appears on this application or on the Foreign Exchange Facility to you. + Monitor and record my telephone conversations with you from time-to-time in order to train American Express staff and control service quality. Direct Marketing You invite American Express, our agents and our preferred alliance organisations (including insurance companies) to use your personal information to inform you of and offer products or services from American Express or a related company, or any third party providing products marketed jointly with American Express. American Express may contact you by phone, mail or electronically to do this. If you wish to withdraw this invitation and remove your name from the American Express marketing list, call us on This invitation will remain in place until you withdraw it or until twelve months after you cease being our customer. Access and Correction You may access your personal information held by American Express, and advise if you think it is inaccurate, incomplete or outof-date. You may do so by contacting: The Privacy Officer American Express International, Inc. GPO Box 1582 Sydney NSW 2001 Australia How we Store your Personal Information American Express stores personal information in a combination of secure computer storage facilities and paper based files and other records. American Express has taken a number of steps to protect the personal information we hold from misuse, loss and unauthorised access, modification or disclosure. American Express uses generally accepted technology and security so that we are satisfied that your information is transmitted safely to us through the internet or other electronic means. American Express will take reasonable steps to securely destroy or permanently de-identify personal information when we no longer need it. Transfer of your Personal Information Overseas American Express is a global organisation and we may use international entities to help our business functions. As a result American Express may need to share your information outside of Australia. It is impracticable to list out each and every country that American Express may share your information to, but such countries include United States of America, United Kingdom and India. American Express will ensure that any transfer of your personal information is subject to appropriate conditions of confidentiality to ensure your information is handled consistently with the Australian Privacy Principles (other than Australian Privacy Principle 1). 11

12 International Payments are arranged through American Express International,Inc. (ABN AFSL No ). Incorporated with limited liability in Delaware USA. Registered Trademark of American Express Company CONSUMER-TT-PDS-MAR14